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LSE > MG103 - Final > Flashcards

MG103 - Final Flashcards

(61 cards)

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1
Q

Consumer behavior

A

the activities associated w/ the purchase, use, and disposal of goods and services

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2
Q

basic research

A

examines general questions in an attempt to extract generalizable knowledge

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3
Q

applied research

A

examines specific questions marketers or companies care about

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4
Q

ways to get data

A

observations, experiments, surveys

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5
Q

primary data

A

you are gathering the data yourself (the data doesn’t already exist)

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6
Q

secondary data

A

you got the data from someone else

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7
Q

quantitative data

A

number based data

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8
Q

qualitative data

A

non numerical data

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9
Q

how to choose a research method

A

time you have, quantity of the effect to the number of people, type of firm or business they are in, the point you are at in your research

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10
Q

A/B Test

A

a randomized experiment method that is a way to compare two versions of something

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11
Q

attention is…?

A

limited, selective, and can be divided

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12
Q

process of marketers

A
  1. gain exposure
  2. attract attention
  3. keep attention and counteract habituation
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13
Q

perception is influenced by…

A
  1. the context
  2. pre-existing knowledge
  3. input from the five senses
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14
Q

attention economy

A

a concept that describes how humans manage info available to them

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15
Q

Weber’s Law

A

the just-noticeable difference between two stimuli is a function of the magnitude of the original stimulus

shrink-flation concept - used to figure out whether two stimuli seem different

JND - just noticeable difference

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16
Q

the Stroop Effect

A

the delay in reaction time between two stimuli
- congruent: word meaning matches font color
- incongruent: word meaning does not match font color

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17
Q

Miller’s rule

A

short-term memory capacity 7 +- 2 items

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18
Q

Gist

A

fuzzy impression of the general meaning of the experience

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19
Q

Verbatim

A

mental representation of exact detail

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20
Q

Are people more likely to share verbatim or gist?

A

gist (bottom line)

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21
Q

measures of memory in marketing: Top of mind

A

named the brand first

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22
Q

measures of memory in marketing: unprompted awareness

A

named the brand spontaneously (given category)

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23
Q

measures of memory in marketing: prompted awareness

A

recognized brand when asked

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24
Q

measures of memory in marketing: unprompted advertising awareness

A

remembered seeing ads spontaneously

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25
measures of memory in marketing: prompted advertising awareness
remembered seeing ads when asked
26
measures of memory in marketing: advertising message recall
accurately remembered the content of the ads
27
Zeigarnik effect
consumers remember unfinished or interrupted tasks better than completed tasks
28
Classical conditioning
associate one stimulus with another, producing an involuntary response
29
evaluative conditioning
terminology for the special case of classical conditioning that affects evaluative responses to the CS see endorser, positive feelings --> see brand, positive feelings
30
spontaneous recovery
conditioned response is not forgotten, just suppressed
31
UCS - Unconditioned stimulus
celebrities, imagery, senses, emotions
32
Positive Reinforcement
Something people like + Give it - rewards systems (points, stars, etc.)
33
positive punishment
something people don't like + give it
34
negative punishment
something people like + take it away
35
negative reinforcement
something people don't like + take it away kids want to avoid nagging, so they do what needs to be done (nagging results in desired behavior) seatbelt beeping going off, stops beeping once buckled in
36
Punishment
frequency matters more than size ex. parking tickets
37
affect
umbrella term for all our feelings - emotions (don't last very long), moods, personality
38
affect heuristic
a mental shortcut where current feelings, rather than information, drive the decision process
39
implications of affect heuristic
charitable giving - statistical victim: just general statistics (7 million ppl have died) - identifiable victim: one particular victim (this girl in Africa needs your help) also at play in risk assessment - people afraid to fly but chances of dying higher when driving
40
affective forecasting
predicting your future feelings - people are generally accurate about the direction of their feelings but not too accurate about the intensity or duration
41
pain of payment
tightwad: too difficult to spend money spendthrift: not too much pain on spending money unconflicted: have a little pain method of payment may affect the pain
42
2 types of purchases: utilitarian and hedonic
need based vs. pleasure people are motivated by their needs
43
Maslow's hierarchy of needs
outdated hierarchy of motivators modern: overlapped layers, basic needs still met when higher stakes motivators addressed top to bottom: self actualization, self esteem, love and belonging, safety and security, physiological needs
44
compensatory products
when needs are not met, consumers vulnerable to marketing people who feel they lack in income may purchase very flashy designer goods
45
self-determination theory
how internal a motivation is - intrinsic motivation: desire derived from pure personal enjoyment - involves activities that meet competence (knowledge in the subject), relatedness (human connection), and autonomy (self ruling)
46
confirmation bias
people are motivated to believe information that confirms what they think or want to think
47
range of decisions we make
- domain (time, money, social) - time frame - context - level of risk - routine or novel - involvement (how much you care about it) - reason (utilitarian vs. hedonic) - process followed to make the decision
48
dual process models
different approaches to decisions and behavior quick / emotional / automatic vs slow / rational / effortful
49
system 1 decisions
- if one of two objects is recognized, infer it has a higher value (recognition heuristic) - compare to a category prototype (representativeness heuristic) - info that is more mentally avail has a stronger influence on judgement (availability heuristic)
50
priming
to retrieve a specific memory from the web of associations, you must first activate one of the strands that leads to it - makes concepts more mentally avail, more likely to be applied to a decision
51
market segmentation
creates groups of consumers w/ common needs, characteristics, or behaviors - a way to identify your most valuable customers
52
pareto principle
applies to the distribution of sales and revenue 80-20 rule: for many events, roughly 80% of the effects come from 20% of the causes
53
personality
enduring characteristics and behavior that comprise a person's unique adjustment
54
5 factor model (personality)
OCEAN O - openness C - conscientious E - extraversion A - agreeable N - neuroticism consumer choices reflect identities; products and brands that reflect self-identity are more likely to be chosen
55
framing
the way that info is presented; framing effects = when this impacts decisions ex. 80% fat or 20% fat free
56
culture
patterns of meaning acquired and expressed by members in a group exerts an influence thru social norms
57
norms
a culture's rules of behaviors learned partly by observing how others act and feel
58
difference between norms and social comparison
norms focus on how we want to act similarly to others while social comparison is about feeling better or worse than others
59
social comparison theory
how people evaluate their abilities and opinions by comparing them to others theoretically, social comparisons can focus on what is different (contrast) or what is the same (assimilation)
60
Reasons why marketers care about culture
- helps with understanding consumers - ethical marketing - effective communication - product development - market entry and expansion
61
cues to infer someone's status
1. appearance 2. settings 3. activities 4. possessions 5. interpersonal associations 6. voice cues to higher status also change over time

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